German regulator rejects Ethena Labs’ license application in the EU, suspects sUSDe is a security

Germany’s Federal Financial Supervisory Authority (BaFin) has rejected Ethena Labs’ application to issue asset-referenced tokens under the European Union’s Markets in Crypto-Assets Regulation (MiCAR). The regulator also raised concerns that the sUSDe may constitute an unlicensed security offering. According to BaFin’s official notice, the application submitted by Ethena GmbH, a Frankfurt-based entity under Ethena Labs’ […]